AFB - Trading Notes: Monitoring Upcoming Technical Tailwinds
By Randy L. Gross, Senior Portfolio Manager, Municipal Fixed Income
"I'm glad it's finally hot enough to complain how hot it is." - Anonymous
The months of July and August in the municipal bond market could be affectionately known as the "Summer of Investable Cash." These two months have the highest amount of maturity dates, call dates and coupon payments when compared to the rest of the year.
Boosted by issuance of approximately $390 billion in 2008, a large amount of outstanding bonds this summer will either reach their final maturity date, be optionally called